When veterinarian Monica Chinchilla filed her tax return last year, she noticed her student HELP debt had risen by about $3,100 due to indexation.
Despite working full-time, the annual repayments from her salary were about $3,400 meaning her debt reduced by only $300.
This year, the situation with her HELP debt is looking much worse.
With student debts increasing by 7.1 per cent on June 1 due to indexation up from 3.9 per cent last year Monica’s debt will rise faster than her repayments.
The increase will cause financial pain for many Australians, and vets like Monica are among those likely to be hardest hit.
It typically takes between five and seven years of study to become a vet, but graduates often earn less than other highly qualified…
Read the full article at: https://www.abc.net.au/everyday/vets-dreading-help-debt-indexation-rising-repayments/102364898